Drilling : As at 0600 today, the well had reached a current...

Drilling : As at 0600 today, the well had reached a current depth of 804m in the ?Bulldog Shale, predominantly claystone with minor stringers of sandstone and 9 and 5/8” casing has been run . The wellsite interpreted top of the Bulldog Shale was 705m which was 225m high to prognosis so casing was set higher than planned to enable a full logging suite of the first target zones within the Algebuckina and perhaps Cadna-owie Formations. Background gas of 2-30 units (100 ppm to 1 unit) with C1 90-99 % and C2 1-9% were recorded in the interval from 630-804m with peaks up to 130 units in minor sandstones towards the base of the Bulldog interval drilled thus far. Although no definitive conclusions can be reached about this data, certainly the gas levels recorded in this well are much higher than in the same intervals at Blamore 1. The interpreted formation tops coming in higher than anticipated is an interesting development.
It is possible that a new Joint Venture partner may join the existing Joint Venture arrangements with Rawson Resources Limited (ASX ticker RAW), Petroleum Exploration Australia (unlisted PXA) and He Nuclear (unlisted HEN). Modification to the existing 2008 seven well programme could result from such a contemplated new arrangement.